As a result of the liquidation of IBRC – the Deposit Guarantee Scheme (DGS) has been activated. The Deposit Guarantee Scheme is administered by the Central Bank and guarantees eligible deposits up to €100,000 per person in any bank, building society or credit union.

The DGS is obliged to issue compensation to verified eligible depositors within 20 working days of a credit institution going into liquidation. The Central Bank expects that payments will be dispatched to most eligible depositors by 7 March 2013.

IBRC customers with deposits have been advides that they do not need to apply to the DGS as payment will be made automatically to them. It is expected that most eligible account holders will receive compensation cheques by post from the DGS.

IBRC customers can contact an IBRC helpline at 1800 303 632 for further information.

Deposits over €100,000 – are covered by the Eligible Liabilities Guarantee (ELG) Scheme which is looked after by the National Treasury Management Agency . The figures provided by the Dept of Finance show that they expect to pay out up to €1.1bn in 2013 under the ELG in relation to IBRC liquidation